SYDNEY (Reuters) - TPG Capital Management LP [TPG.UL] has abandoned its A$2.76 billion ($2.12 billion) bid to take over Australia’s oldest newspaper publisher, Fairfax Media Ltd (FXJ.AX), a TPG spokesman said on Sunday.
“TPG has today exited the Fairfax due diligence process and has elected not to proceed with an offer,” a spokesman said in a statement.
“TPG thanks the Board and senior management team of Fairfax for the integrity and focus they have brought to the discussions.”
A spokesperson for Fairfax was not immediately available for comment.
Fairfax had been the subject of a bidding war between TPG Capital and private equity peer Hellman & Friedman.
Reporting by Harry Pearl; Editing by Christopher Cushing